Real estate sees hottest market since 2007

Across the board sales are up 128 per cent year over year in the city. Cypress County is also experiencing a 121 per cent year-over-year sales increase.

According to Devine, low-interest rates have prompted many people to jump on buying a home.

Lisa Samuelson and her husband Todd did just that earlier this year.

“ We had a little more time on our hands, and we just started to think about our needs in terms of our living space. Our kids are now teenagers so we started thinking that we want something a little more different than we had previously,” said Samuelson.

Jeremy Knodel also took advantage of the market to buy an investment property for his son.

“He’s in the market now essentially, and building equity and credit, so we thought that was a good way to use our money and get him started,” he said.

Aside from low interest rates, Devine said many are buying because it is cheaper than renting.

And lately he said there is a growing number of rental properties that have entered the market.

“I don’t know if that is due to the prices that they can get for those properties or they just don’t want to deal with tenants anymore,” he said.

While sales are high, the supply is low. Data from the Medicine Hat Real Estate board shows supply is down 69 per cent compared to last year. Devine said the supply shortage is making it difficult for people to find homes within their price range.

Single Family homes have risen nearly 8.8 per cent year over year , with the average sale price sitting at $336, 983.

Semi-detached properties have also risen 23.3 per cent. The average price is $328,333.

Row homes have seen the largest price increase at 30 per cent year over year. The average price is $201, 656. The average price of an apartment has also increased 24 per cent to $184,474.

Currently, single-family home properties in the $300,000 to $400,000 range are of greatest demand, according to Devine.

The supply shortage means a competitive process, something the Samuelson’s experienced this spring.

“It was a very competitive market. We found this house, we heard there was already another offer on it. That offer ended up falling through so we put in an offer right away and I’m thinking this home sold within a week of being on the market,” she said.

For the Samulelson’s, selling their previous home was also fast. It had three offers on it, the first day it was listed.

With so many people buying and selling, Devine said there are some things people should do to remain competitive.

“Go to a bank or go to a mortgage broker, and get themselves pre-approved. Know what they are looking for. Meet up with a realtor, so that realtor knows what they are looking for, and basically for the good properties, the first person that is there, is the first person that is going to get it.”

by Tiffany Goodwein

Real estate sees hottest market since 2007

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